Plug Power (NASDAQ:PLUG) Stock Price Up 1.3%

Shares of Plug Power Inc. (NASDAQ:PLUG) rose 1.3% on Friday . The company traded as high as $2.03 and last traded at $1.97. Approximately 8,400,280 shares changed hands during trading, a decline of 78% from the average daily volume of 38,887,211 shares. The stock had previously closed at $1.94.

Analysts Set New Price Targets

A number of research firms have commented on PLUG. B. Riley upgraded shares of Plug Power to a “strong-buy” rating in a research note on Tuesday, June 25th. Susquehanna reduced their price objective on shares of Plug Power from $3.00 to $2.00 and set a “neutral” rating on the stock in a research note on Monday, August 12th. Craig Hallum dropped their price objective on shares of Plug Power from $5.00 to $4.00 and set a “buy” rating for the company in a research report on Friday, August 9th. Royal Bank of Canada dropped their price objective on shares of Plug Power from $3.50 to $2.50 and set a “sector perform” rating for the company in a research report on Monday, August 12th. Finally, Piper Sandler decreased their target price on shares of Plug Power from $2.50 to $2.40 and set an “underweight” rating for the company in a research note on Monday, July 22nd. Four research analysts have rated the stock with a sell rating, fifteen have issued a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $5.19.

Plug Power Price Performance

The company has a quick ratio of 0.91, a current ratio of 2.07 and a debt-to-equity ratio of 0.16. The business has a 50-day moving average price of $2.27 and a two-hundred day moving average price of $2.76. The company has a market capitalization of $1.72 billion, a price-to-earnings ratio of -0.82 and a beta of 1.79.

Plug Power (NASDAQ:PLUG) last announced its quarterly earnings data on Thursday, August 8th. The electronics maker reported ($0.36) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.30) by ($0.06). The business had revenue of $143.40 million during the quarter, compared to the consensus estimate of $184.54 million. Plug Power had a negative net margin of 216.80% and a negative return on equity of 47.51%. The firm’s revenue for the quarter was down 44.9% compared to the same quarter last year. During the same quarter last year, the company earned ($0.35) EPS. As a group, research analysts anticipate that Plug Power Inc. will post -1.15 EPS for the current year.

Institutional Investors Weigh In On Plug Power

A number of large investors have recently made changes to their positions in PLUG. Treasurer of the State of North Carolina increased its position in Plug Power by 1.0% during the fourth quarter. Treasurer of the State of North Carolina now owns 233,192 shares of the electronics maker’s stock valued at $1,049,000 after acquiring an additional 2,280 shares during the last quarter. Pitcairn Co. raised its position in Plug Power by 27.1% during the first quarter. Pitcairn Co. now owns 19,561 shares of the electronics maker’s stock valued at $67,000 after purchasing an additional 4,169 shares during the period. Cetera Advisors LLC raised its holdings in shares of Plug Power by 33.0% in the first quarter. Cetera Advisors LLC now owns 27,733 shares of the electronics maker’s stock worth $95,000 after buying an additional 6,885 shares during the period. Advisors Asset Management Inc. raised its holdings in shares of Plug Power by 11.0% in the first quarter. Advisors Asset Management Inc. now owns 70,442 shares of the electronics maker’s stock worth $242,000 after buying an additional 7,006 shares during the period. Finally, Victory Capital Management Inc. grew its stake in Plug Power by 8.6% in the second quarter. Victory Capital Management Inc. now owns 88,102 shares of the electronics maker’s stock worth $205,000 after purchasing an additional 7,014 shares in the last quarter. 43.48% of the stock is currently owned by institutional investors.

About Plug Power

Plug Power Inc develops hydrogen and fuel cell product solutions in North America, Europe, Asia, and internationally. The company offers GenDrive, a hydrogen-fueled proton exchange membrane (PEM) fuel cell system that provides power to material handling electric vehicles; GenSure, a stationary fuel cell solution that offers modular PEM fuel cell power to support the backup and grid-support power requirements of the telecommunications, transportation, and utility sectors; ProGen, a fuel cell stack and engine technology used in mobility and stationary fuel cell systems, and as engines in electric delivery vans; GenFuel, a liquid hydrogen fueling delivery, generation, storage, and dispensing system; GenCare, an ongoing Internet of Things-based maintenance and on-site service program for GenDrive fuel cell systems, GenSure fuel cell systems, GenFuel hydrogen storage and dispensing products, and ProGen fuel cell engines; and GenKey, an integrated turn-key solution for transitioning to fuel cell power.